I spotted this divergence between price and indicators few weeks ago but i did not tried to catch the falling knive as I was not sure of the support and I putted a stop buy above the break down on 13 august.
I was very concerned about short VET after the failed break out of 22 august and a double W formation on BTC pair
Actually the indicators are still on linear growth, the triangle formation is still intact and there was no sell out untill now despite this double W formation. The RSI despite declining tops, seems to be able to push higher again. So I 'm still in.
I see for this reason more upward movement actually as possible.
Looking back at the VEN/USD Pair of binance there is a strong resistance at 0.02 dollars (2 dollars of the VEN/USD pair).
In case of break out of the triangle this would be my max target.
Based on the flag formation is 0.025 possible but I would be conservative.
Break down of triangle is a sell.
BIO
I was very concerned about short VET after the failed break out of 22 august and a double W formation on BTC pair
Actually the indicators are still on linear growth, the triangle formation is still intact and there was no sell out untill now despite this double W formation. The RSI despite declining tops, seems to be able to push higher again. So I 'm still in.
I see for this reason more upward movement actually as possible.
Looking back at the VEN/USD Pair of binance there is a strong resistance at 0.02 dollars (2 dollars of the VEN/USD pair).
In case of break out of the triangle this would be my max target.
Based on the flag formation is 0.025 possible but I would be conservative.
Break down of triangle is a sell.
BIO
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Breakout against ethereum.. Note
In bitfinex they put ven higher than binance
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Rsi had a bearish divergence and it is in a rising wedge. Volume is increasing. There will be probably another impulse if rsi doesnt break up strongly then it will probably break down
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It's difficult to forecast the next steps. If it goes up from here we open to a double bearish harmonics which is a strong reversal SituationIf we go down we enter in a falling wedge, which will be possibly a strong bullish opportunity to come out of the downtrend
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VEN pair in Bitfinex to Show you the downtrend lineabove the line we enter in a strong bullish Phase.
Down is not good, and I will follow with a lot of Attention a possible pattern that bring out of the channel
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VET loosing momentum against bitcoin. Difficult decision. Main trendline is near
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I see bullish flags on other coin (neo/USD for example) and triangle Formation (IOTA). retest of the trend line will probably hold.
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If bounce i will trade this channel
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Vet is back?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.